Beware - Abbey Instant Access Saver

dollywops

DS and I had each had a Tesco internet savings account, which were only opened to get the clubcard points. Come 31 May, the monies needed to be moved and the accounts closed, so that if TPF run another bonus clubcard points promotion, we can take advantage.

We (stupidly, I know) opened Abbey Instant Access Savings Accounts, as this account pays 6.5% gross for the first 12 months, on balances over £1,000. Initial deposits were made on opening by direct transfer from esavers currently held with Abbey.

Yesterday, I tried to transfer, by phone, the first £10,000 which had arrived in my account from Tesco. (TPF only allows £10,000 withdrawals over the internet per day.) My call was referred to the fraud department, which failed the transaction. Having spoken to my nice contact in the Chairman's office, he ascertained that as this was a new account, the first transfer needed to be made in branch (not that the paperwork said anything about this). OK, so I asked him to call the Abbey in Birmingham Bullring to make sure that my son could do this too on production of his driving licence as id and his Abbey card. He came back to me and assured me that once both my son and I had made these first transfers in branch, any future transfers could be made over the phone.

I had not planned to be near an Abbey, but as luck would have it there was one next to the theatre in the Strand. I made the transfer, without my driving licence or passport, but with an additional credit card as proof of id. My son was equally successful in Birmingham.

This morning, I made a telephone call and was able to make a further transfer. I even went into a branch at lunchtime and was even able to pay in a cheque, without having the account number. The CS scratched out the number on the slip so I could not read it!

DS gets through to telephone banking in India, and the girlie tells him that because he has never done telephone banking before, she won't make the transfer. He has to go into a branch! He telephoned the nice young man in the Chairman's office and explained his predicament. Said nice young man was somewhat perplexed, based on the information he supplied yesterday. He put my son through to a call centre in the UK. My son asked to transfer £9.999.99, as I had done. His request was referred to fraud and they failed him, something about not knowing where the initial deposit came from that he wanted to transfer. He went back to the nice young man who apologised profusely and explained that as it had gone to the fraud department, there was nothing more he could do. He did offer my son £50 in compensation.

Now, I know that obviously the £50 more than covers the loss in interest, but that is no longer the point. This is an account which is supposed to be operated either by phone or in branch, but that would appear not to be the case where my son is concerned. He is going to try to put through a request to transfer £50 tomorrow over the phone and see how it goes. He is also going to have to go into a branch on Saturday morning and transfer the rest of his funds into the Instant Access Saver. I would love to know what is going to happen when DS needs to transfer funds back to his current account over the phone.

I would like to think that what has happened to both myself and DS is unusual, but as this is the Abbey I am talking about, I am being naive. Be warned - if you have opened one of these accounts thinking you can do telephone transfers, you might be wrong.

Milarky

There's something about Abbey and their attachment to forcing people into their branches for no geniune reason. Like opening a Regular Saver (online - 'Yes sir, we'll take your money') but then having access to your money or having your money simply transferred to a 'non branch-based' Abbey account seems all too much for them.

[Mind you, A&L are a bit like them too - can't seem to go wholly 'online', invent silly little contrivances like 'telephone pins' Again - making the customer do more than is necessary for the efficient operation/opening/closing of their accounts. It seems that it is the former building societies among the banks who lack efficiency and seamless products, whilst the 'real' banks often do a lot better.]

Abbey must know that they are making customers jump through hoops but just don't seem to care. The only solution is to vote with one's feet